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8 Cards in this Set
- Front
- Back
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Commission of Tort
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results in CPA liability
-3 torts are relevant -negligence -constructive fraud -fraud |
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Elements of constructive fraud
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-misrepresentation of a material fact
-defendant acts with gross negligence -intent to induce plaintiff's reliance -actual reliance by plaintiff -Damages |
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Ultramares rule
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Limits CPA liability to
-persons in privity of contract with the CPA -and intended 3rd parties |
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An accountant is prohibited from showing work papers to anyone without Clients permission except
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-lawful subpoena
-Surviving member of the firm -Quality Control panel -AICPA/State trial board -Court proceedings |
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Accountant client privilege
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can only be claimed in States where it is recognized
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Common Law negligence has 4 elements
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-duty of care
-lack of due care -casualty -injury |
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CPA breaches professional duties, client and 3rd is entitled to
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compensatory money damages
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who is the owner of the working papers , client or auditor ?
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auditor
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